Eurozone Out Of Recession As Economy Grows

The eurozone has moved out of recession as its economy grew by 0.3% in the second quarter.

It means the struggling area has finally emerged from its longest recession to date.

The eurozone saw slightly faster then expected growth, with its two largest economies leading the way.

Germany, Europe's biggest economy, expanded by 0.7% in the period from April to June, after GDP stagnated in the first quarter.

France saw its strongest quarterly growth in two years as its economy increased by 0.5%, while Portugal boasted a rapid rise of 1.1%.

The official figures confirmed expectations that a fragile recovery is underway, however some countries saw contraction.

In Spain GDP fell by 0.1%, while Italy and the Netherlands both dropped by 0.2%.

The data from Eurostat, the European Union's statistics office, showed that collectively the 17 EU countries saw the first quarterly growth since the eurozone slipped into recession in the final quarter of 2011.

Lasting six quarters, it was the longest recession to hit the eurozone following the launch of the single currency in 1999.

The quarterly improvement was slightly better than the 0.2% market expectations.

But despite the expansion, the eurozone economy remains 0.7% smaller than it was in the same period last year.

Following the news EU Economic Affairs Commissioner Olli Rehn said: "A sustained recovery is now within reach but only if we persevere on all fronts of our crisis response."

The area now faces a recovery tainted by record high unemployment and severe austerity measures in countries such as Greece.

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